It may surprise you to learn that you don’t need to be a computer geek to run a tech franchise. You also need not have a wad of cash in the bank to become involved in a sports apparel franchising business either. Fast food franchises can cost a bit of money to start but obtaining financing is much easier and the risk of failure is also much lower. While a small business startup results in failure 50-80% of the time, new franchises only fail 5% of the time. Before signing on the dotted line, you’ll be able to read detailed manuals outlining your responsibilities. The only question is what kind of franchise do you want?
Tech ones can be educational, creative or can provide troubleshooting services. In the educational tech franchise opportunity, your staff will teach consumers about software programs like Microsoft Word or Photoshop, typically through workshops or instructional courses. The creative franchise business helps customers create websites, set up email systems or develop e-commerce solutions for their businesses. Troubleshooting franchises fix hardware or software problems.
Food, either restaurant or fast food, is another type of franchise you might want to consider. In the Franchise 500, 7/10 of the top franchises are fast food franchises such as Subway, McDonalds, Pizza Hut and KFC. Restaurant chains also run very well independently, although they cost a considerable amount to start up. Some new franchises can cost from $80,000 to $2.3 million. While the responsibilities are plentiful, this type of franchising business can churn a decent profit. Many prefer fast food and restaurant franchises because they have trusted reputations and brand names that have existed for decades.
As with anything, there are downsides to buying a franchise. If you want to operate a store to show off your managerial skills or your creative flair for decorating, then a franchising will not be for you. Your building, location, uniforms, advertising pitches, products and services will all be dictated by the corporation.
They have a proven system that distinguishes their name-brand from the competition, so it’s essential that you adhere to it. Secondly, if you plan on becoming richer than your wildest dreams then the franchising business is not for you. The profit margin for fast food franchises or retail franchises is fairly low, considering all the expenses and fees, although you can certainly make a decent living from your investment. Lastly, if you’re not sure what kind of commitment you want, then you should probably try something else. Most franchise owners plan to run their business for at least 20 years.